Gold and Silver Challenging Major Resistance
Contributed Opinion

Source:

Jack Chan Both gold and silver are challenging major resistance while the U.S. dollar is testing support, says technical analyst Jack Chan. A break will help clarify the technical prospect going forward.

Gold had another stellar week, now challenging the 2015 high at 1306. It would be most positive going forward if this task succeeds before a multi-week correction begins.

Silver Spot Price

Silver has been playing catch up, and also mounting a charge at the 2015 high.

US Dollar Index

Much will depend on the dollar as it continues to consolidate.

Both gold and silver are challenging major resistance while the U.S. dollar is testing support. A break will help clarify the technical prospect going forward.

Jack Chan is the editor of Simply Profits at www.simplyprofits.org, established in 2006. Chan bought his first mining stock, Hoko Exploration, in 1979, and has been active in the markets for the past 37 years. Technical analysis has helped him filter out the noise and focus on the when, and leave the why to the fundamental analysts. His proprietary trading models have enabled him to identify the NASDAQ top in 2000, the new gold bull market in 2001, the stock market top in 2007, and the U.S. dollar bottom in 2011.

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Disclosure:
1) Statement and opinions expressed are the opinions of Jack Chan and not of Streetwise Reports or its officers. Jack Chan is wholly responsible for the validity of the statements. Streetwise Reports was not involved in any aspect of the article preparation or editing so the author could speak independently about the sector. Jack Chan was not paid by Streetwise Reports LLC for this article. Streetwise Reports was not paid by the author to publish or syndicate this article.
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All charts courtesy of Jack Chan.

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